In an age when almost anything can be done not only online, but from your cell phone, it makes sense that your finances can be handled via mobile too. If you have utilized your bank’s mobile app or mobile friendly website, you are probably aware of the ease of use in managing your accounts and finances.
With advances in technology, putting our finances right in the palm of our hands has really made things convenient for everyone. Here are the reasons why mobile banking is so important:
Before online banking, and specifically mobile banking, there was a very limited window in which you could manage your finances. Previously, you would have to physically go to your bank to make a transaction, such as an account transfer or deposit, and usually your bank would only be open certain hours, such as 9 AM- 5 PM Monday through Friday with limited Saturday hours.
Now, with a digital checking account and/or a digital savings account, you can manage most transactions, including transfers and deposits via mobile app or website. This can be especially convenient for those who work during normal banking hours, or those who have an emergency need to transfer funds during non-bank hours. Overall, mobile access allows you to access and manage your account any time that is convenient for you.
Utilize Many Functions
Banking apps offer banking customers many functions all in one place. Similar to time limitations, you may have been functionally limited by how you could manage your finances via phone or in person. You may have previously had to go into the bank to perform many of the functions on your mobile app, and you may have had to wait for specially trained representatives from your bank to complete certain functions versus just walking in and having a teller help you with everything you need all at once.
Now, with mobile banking, you can do almost anything you might need via your app or mobile website. You can transfer between accounts, deposit to accounts, set up automatic bill payments, and even more, depending on your bank and the functionalities they have built into their app. This gives you a lot of control over your accounts and all that you can do with them.
Review Account History and Track Transactions
In the past, you may have had to wait for a paper statement to be mailed to your home to review your transactions, or if you needed immediate information, you may have had to make a phone call to listen to your transactions.
Now, you can track your accounts and your account history any time you want in order to review your account history, track your spending, and verify that all transactions are correct. This helps you to manage your spending and verify that there are no fraudulent transactions.
With all of this in mind, the main and overarching reason that mobile banking is so important is that it is convenient for bank customers. From time convenience to functionality and tracking, mobile banking has mange financial management much easier for customers.